Short answers, pulled from the story.
Newsweek was founded in 1933 by Thomas J. C. Martyn, a former foreign news editor at Time. Its first issue was dated the 17th of February 1933 and featured seven photographs from the week's news on its cover. Financial backing came from investors including John Hay Whitney and Paul Mellon.
Audio pioneer Sidney Harman purchased Newsweek on the 2nd of August 2010 for one U.S. dollar, agreeing to assume the magazine's financial liabilities. His bid beat out three competitors. Harman was the husband of Jane Harman, then a member of Congress from California.
Newsweek suspended its American print edition at the end of 2012 after 80 years of publication, citing declining advertising and subscription revenues and rising costs for print production and distribution. The subscriber base had fallen from 3.1 million in early 2008 to 1.5 million by January 2010.
On the 18th of January 2018, the Manhattan District Attorney's office raided Newsweek's headquarters in Lower Manhattan and seized 18 computer servers as part of a financial investigation. IBT Media co-owner Etienne Uzac was later indicted on fraud charges and pleaded guilty to fraud and money laundering in 2020. Several Newsweek staff were fired after reporting on the investigation.
In 1970, sixty female Newsweek employees filed a complaint with the Equal Employment Opportunity Commission, alleging the magazine allowed only men to work as reporters. Represented by Eleanor Holmes Norton and backed by the American Civil Liberties Union, the women won the case and Newsweek agreed to allow women to serve as reporters.
Newsweek reported $90 million in revenue and a 20 percent profit margin in 2024. The company is co-owned equally by Dev Pragad, its president and CEO, and Johnathan Davis, who sits on the board. Digital advertising accounted for 63 percent of 2024 revenue, with the rankings division contributing an additional 13 percent.